FI Weekly USDA Export Sales Snapshot 01/26/23

PDF attached

 

US GDP Annualized (Q/Q) Q4 A: 2.9% (est 2.6%; prev 3.2%)

US Core PCE (Q/Q) Q4 A: 3.9% (est 3.9%; prev 4.7%)

US GDP Price Index Q4 A: 3.5% (est 3.2%; prev 4.4%)

US Personal Consumption Q4 A: 2.1% (est 2.9%; prev 2.3%)

 

US Initial Jobless Claims Jan 21: 186K (est 205K; prev 190K)

US Continuing Claims Jan 14: 1675K (est 1658K; prev 1647K)

 

US Durable Goods Orders Dec P: 5.6% (est 2.5%; R prev -1.7%)

Durables Ex-Transportation Dec P: -0.1% (est -0.2%; prev 0.1%)

US Advance Goods Trade Balance Dec: -$90.3B (est -$88.1B; prevR -$82.9)

 

US Wholesale Inventories (M/M) Dec P: 0.1% (est 0.5%; prevR 0.9%)

US Retail Inventories (M/M) Dec: 0.5% (est 0.2%; prev 0.1%)

 

US Chicago Fed Nat Activity Index Dec: -0.49 (prevR -0.51)

 

Canadian Payroll Employment Change – SEPH Nov: 7.1K (prev -5.4K)

 

 

USDA Export Sales were very good for soybeans and wheat. Corn, soybean meal and soybean oil were within expectations. China booked 940,000 tons of 2022-23 US soybeans that included 386,000 tons switched from unknown.  303,900 tons of soybean meal sales fell from 362,500 tons previous week and included Central American countries and the Philippines. Only 2,200 tons of soybean oil was booked. All wheat export sales were 500,400 tons, up from 473,100 tons previous week. Corn export sales were 910,400 tons, down from 1.132 million previous week and included China for 71,800 tons (68k switched), Mexico for 407,000 tons and Columbia for 209,700 tons. Sorghum sales were 70,800 tons, all for China. US pork sales were very good at 44,700 tons, including 17,700 ton for Mexico and 12,500 tons for China.

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  1/19/2023 

 

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	123.0	1,028.3	2,165.8	79.3	3,349.7	4,614.1	1.0	91.3
SRW	84.8	721.7	743.9	6.8	1,787.5	1,831.9	60.0	101.6
HRS	85.9	1,414.1	1,361.7	61.6	3,375.9	3,265.8	0.0	49.8
WHITE	181.7	1,296.6	819.6	116.6	2,747.4	2,234.4	0.0	14.3
DURUM	25.0	144.7	54.6	0.0	168.4	113.1	0.0	1.5
TOTAL	500.4	4,605.4	5,145.6	264.2	11,428.8	12,059.2	61.0	258.5
BARLEY	0.0	4.4	18.0	0.4	7.2	12.5	0.0	0.0
CORN	910.4	12,026.4	25,549.0	912.6	12,012.3	18,399.1	15.5	1,263.9
SORGHUM	70.8	328.1	4,172.0	71.5	292.6	1,962.8	0.0	0.0
SOYBEANS	1,145.7	12,906.8	9,101.5	1,900.3	33,628.7	35,032.4	129.0	526.0
SOY MEAL	303.9	3,272.5	2,938.4	285.8	3,597.1	3,937.0	30.0	48.3
SOY OIL	2.2	19.2	176.1	1.4	21.4	304.5	0.0	0.6
RICE
L G RGH	7.0	83.9	172.2	46.4	244.2	637.8	0.0	0.0
M S RGH	0.0	12.2	10.3	1.2	14.7	3.3	0.0	0.0
L G BRN	0.2	5.3	10.3	2.9	10.8	28.0	0.0	0.0
M&S BR	0.1	35.8	68.4	0.5	8.3	16.9	0.0	0.0
L G MLD	21.7	152.3	92.9	10.7	316.8	418.1	0.0	0.0
M S MLD	13.8	133.4	102.0	5.2	121.8	198.1	0.0	0.0
TOTAL	42.7	422.8	456.0	66.9	716.6	1,302.1	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	213.7	4,905.2	8,057.6	175.8	4,376.9	3,601.0	6.1	1,236.2
PIMA	5.4	61.6	220.8	2.1	69.5	165.8	0.0	1.1

 

 

 

Export Sales Highlights   

This summary is based on reports from exporters for the period January 13-19, 2023.

Wheat:  Net sales of 500,400 metric tons (MT) for 2022/2023 were up 6 percent from the previous week and 84 percent from the prior 4-week average. Increases primarily for Japan (108,100 MT), Mexico (91,000 MT), unknown destinations (89,000 MT), South Korea (74,300 MT), and Taiwan (45,400 MT), were offset by reductions for Chile (2,300 MT). Total net sales of 61,000 MT for 2023/2024 were for Mexico. Exports of 264,200 MT were down 15 percent from the previous week, but up 15 percent from the prior 4-week average. The destinations were primarily to South Korea (90,800 MT), Japan (56,000 MT), Chile (47,700 MT), Mexico (35,000 MT), and Colombia (10,700 MT).

Corn:  Net sales of 910,400 MT for 2022/2023 were down 20 percent from the previous week, but up 46 percent from the prior 4-week average. Increases primarily for Mexico (407,000 MT, including decreases of 800 MT), Colombia (209,700 MT, including decreases of 8,000 MT), unknown destinations (84,300 MT), China (71,800 MT, including 68,000 MT switched from unknown destinations), and Canada (35,400 MT, including decreases of 200 MT), were offset by reductions primarily for Honduras (31,300 MT) and Nicaragua (5,000 MT). Total net sales of 15,500 MT for 2023/2024 were for Japan. Exports of 912,600 MT were up 28 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to Mexico (393,800 MT), Japan (116,600 MT), Guatemala (108,300 MT), Saudi Arabia (73,100 MT), and China (71,500 MT).

Barley:  No net sales were reported for the week. Exports of 400 MT were to Japan.

Sorghum:  Total net sales of 70,800 MT for 2022/2023 were down 63 percent from the previous week, but up 50 percent from the prior 4-week average. The destination was China. Exports of 71,500 MT were up noticeably from the previous week and from the prior 4-week average. The destinations were to China (70,800 MT) and Mexico (700 MT).

Rice:  Net sales of 42,700 MT for 2022/2023 primarily for Japan (13,000 MT), Haiti (12,000 MT), Mexico (6,500 MT), El Salvador (5,600 MT), and Saudi Arabia (2,500 MT), were offset by reductions for Panama (100 MT). Exports of 66,900 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. The destinations were primarily to Panama (27,500 MT), Honduras (15,600 MT), the United Kingdom (10,600 MT), Mexico (5,600 MT), and Jordan (3,900 MT). 

Soybeans:  Net sales of 1,145,700 MT for 2022/2023 were up 16 percent from the previous week and 53 percent from the prior 4-week average. Increases primarily for China (940,300 MT, including 386,000 MT switched from unknown destinations and decreases of 75,600 MT), the Netherlands (67,100 MT, including 66,000 MT switched from unknown destinations), South Korea (58,200 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), Bangladesh (57,700 MT, including 55,000 MT switched from unknown destinations),  and Italy (46,600 MT, including 41,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (213,100 MT). Total net sales of 129,000 MT for 2023/2024 were for China. Exports of 1,900,300 MT were down 8 percent from the previous week, but up 11 percent from the prior 4-week average. The destinations were primarily to China (1,172,200 MT), Mexico (228,600 MT), Germany (69,300 MT), the Netherlands (67,100 MT), and Taiwan (58,900 MT). 

Optional Origin Sales:  For 2022/2023, the current outstanding balance of 300 MT, all South Korea.

Export for Own Account:  For 2022/2023, the current exports for own account outstanding balance is 1,500 MT, all Canada.

Soybean Cake and Meal:  Net sales of 303,900 MT for 2022/2023 were down 16 percent from the previous week, but up 71 percent from the prior 4-week average. Increases primarily for Colombia (96,900 MT), the Philippines (93,800 MT, including decreases of 600 MT), Venezuela (47,000 MT, including 22,000 MT switched from unknown destinations), the Dominican Republic (43,800 MT), and Guatemala (27,800 MT, including 6,000 MT switched from Honduras, 1,600 MT switched from El Salvador, and decreases of 7,100 MT), were offset by reductions for Ireland (45,000 MT), unknown destinations (22,500 MT), and Morocco (500 MT). Total net sales of 30,000 MT for 2023/2024 were for Ireland. Exports of 285,800 MT were down 4 percent from the previous week, but up 9 percent from the prior 4-week average. The destinations were primarily to the Philippines (50,700 MT), Vietnam (49,600 MT), Mexico (33,100 MT), Ecuador (31,100 MT), and Guatemala (22,200 MT).

Soybean Oil:  Net sales of 2,200 MT for 2022/2023 were up noticeably from the previous week and up 27 percent from the prior 4-week average. Increases were primarily for Mexico (1,700 MT). Exports of 1,400 MT were up noticeably from the previous week, but down 24 percent from the prior 4-week average. The destination was primarily to Canada (700 MT).

Cotton:  Net sales of 213,700 RB for 2022/2023 were up 2 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (59,200 RB), Turkey (55,200 RB), Vietnam (42,400 RB, including 3,500 RB switched from China and 200 RB switched from Japan), Pakistan (22,000 RB, including decreases of 700 RB), and Egypt (8,800 RB), were offset by reductions primarily for Honduras (6,100 RB). Total net sales of 6,100 RB for 2023/2024 were for Honduras. Exports of 175,800 RB were down 4 percent from the previous week, but up 24 percent from the prior 4-week average. The destinations were primarily to China (56,700 RB), Pakistan (40,600 RB), Mexico (14,000 RB), Vietnam (13,200 RB), and Turkey (10,300 RB). Net sales of Pima totaling 5,400 RB for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (3,100 RB), Pakistan (1,300 RB), and Thailand (900 RB). Exports of 2,100 RB were down 66 percent from the previous week and 58 percent from the prior 4-week average. The destinations were to Peru (900 RB), Taiwan (400 RB), Turkey (400 RB), and Bangladesh (300 RB). 

Optional Origin Sales:  For 2022/2023, the current outstanding balance of 9,300 RB, all Malaysia.

Export for Own Account:  For 2022/2023, new exports for own account totaling 800 RB were to China. Exports for own account totaling 17,800 RB to China were applied to new or outstanding sales. The current exports for own account outstanding balance of 105,300 RB are for China (75,000 RB), Vietnam (21,900 RB), Pakistan (6,500 RB), India (1,500 RB), and Indonesia (400 RB).

Hides and Skins:  Net sales of 409,500 pieces for 2023 were primarily for China (251,600 whole cattle hides, including decreases of 16,000 pieces), Mexico (48,400 whole cattle hides, including decreases of 1,200 pieces), South Korea (37,400 whole cattle hides, including decreases of 600 pieces), Thailand (35,700 whole cattle hides, including decreases of 5,600 pieces), and Italy (23,800 whole cattle hides). In addition, total net sales of 200 kip skins were for Canada. Exports of 405,000 whole cattle hides exports were primarily to China (266,700 pieces), South Korea (51,000 pieces), Mexico (48,500 pieces), Thailand (19,800 pieces), and Turkey (9,100 pieces).  

 

Net sales of 206,600 wet blues for 2023 primarily for Italy (69,900 unsplit, including decreases of 300 unsplit), China (48,300 unsplit), Vietnam (43,800 unsplit), Thailand (17,200 unsplit), and Mexico (10,100 unsplit and 5,400 grain splits), were offset by reductions for Hong Kong (200 unsplit). Exports of 131,400 wet blues were primarily to Italy (57,200 unsplit and 3,500 grain splits), China (25,500 unsplit), Vietnam (17,600 unsplit), Thailand (10,500 unsplit and 800 grain splits), and Hong Kong (5,800 unsplit). Net sales of 3,000 splits for 2023 were reported for Vietnam (1,600 pounds) and China (1,400 pounds). Exports of 85,000 splits were to Vietnam (42,600 pounds) and China (42,400 pounds).

 

Beef:  Net sales of 25,100 MT for 2023 were primarily for South Korea (10,000 MT, including decreases of 400 MT), Japan (4,400 MT, including decreases of 700 MT), China (4,200 MT, including decreases of 100 MT), Taiwan (1,900 MT, including decreases of 100 MT), and Hong Kong (1,500 MT, including decreases of 100 MT). Exports of 15,600 MT were primarily to South Korea (4,500 MT), Japan (4,200 MT), China (2,200 MT), Mexico (1,700 MT), and Taiwan (900 MT). 

Pork:  Net sales of 44,700 MT for 2023 were primarily for Mexico (17,700 MT, including decreases of 200 MT), China (12,500 MT, including decreases of 200 MT), Japan (3,700 MT, including decreases of 200 MT), Canada (2,800 MT, including decreases of 300 MT), and Colombia (2,200 MT, including decreases of 100 MT). Exports of 30,400 MT were primarily to Mexico (15,600 MT), China (4,500 MT), Japan (2,700 MT), Canada (2,600 MT), and South Korea (1,500 MT).